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British insurer M&G drops plans for 10% job cuts this year-memo

Reuters - UK Focus
Updated

LONDON, April 1 (Reuters) - British insurer M&G has dropped plans to cut staff by 10% this year due to coronavirus, it said in a memo to staff on Wednesday seen by Reuters.

"Because of the uncertainty caused by this pandemic, we are dropping our aim to reduce staff-related costs by 10% this year," Chief Executive John Foley said.

British banks including HSBC and Lloyds have also delayed some job cuts due to the pandemic. (Reporting by Carolyn Cohn; editing by Simon Jessop)